BranchServ, a division of Custom Vault Corporation and a leading supplier of physical and electronic security equipment and service solutions for bank branches across the United States, has announced its acquisition of CheckView Banking Security Solutions, a division of Checkpoint Systems.
CheckView Banking Security Systems, currently based in Richmond, VA, targets financial institutions with security equipment sales and service. Its emphasis on electronic security supports BranchServ's strategy for growth. An expanded portfolio of product offerings and an elevated level of electronics expertise will allow BranchServ to better assist its clients with the design, installation and integration of electronic security elements.
In addition, CheckView shares a common geographic footprint with BranchServ. It has a client base in Maryland, DC, Virginia, North Carolina, and South Carolina, and an enhanced presence in Alabama, Georgia and Tennessee. In acquiring this company, BranchServ seeks to increase the depth of its East Coast business, and support growth in the South Central US.
Thomas Brennan, BranchServ President and CEO, states, "All around, CheckView is an excellent fit with BranchServ. We look forward to leveraging their position in electronic security and their client base to move toward an even stronger position of leadership in both physical and electronic security solutions."
BranchServ will add approximately 50 employees to its current roster of 120, and all reorganization efforts are expected to be complete by the end of 2012. Regional offices will be maintained in New Hampshire, North Carolina, Virginia and Alabama, reporting into headquarters in Connecticut.
North Sea Partners LLC acted as M&A and Financing advisor to Custom Vault Corporation, and Imperial Capital LLC acted as M&A advisor to Checkpoint Systems in this transaction.